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Can we keep our travel trailer, which is current in payments, if we chapter 7 or 13? We are in New York state.

Kingston, NY |

we are considering filing for bankruptcy. our cars are paid off, but our home is in foreclosure. will the bankruptcy court allow us to keep our travel trailer if we are current on payments?

Attorney Answers 3

  1. It depends upon the exemption scheme used. You need a lawyer.

  2. I always emphasize to my clients that bankruptcy means losing debt, not your property! If you are current on your travel traveler and it has no meaningful equity the Trustee will probably have no interest in taking it in the bankruptcy, regardless of whether you file a Chapter 7 or 13. Moreover, there are a range of exemptions that you might be able to use to protect the travel trailer if necessary. For example, if you use the federal exemption scheme, you can exempt the trailer under the "wildcard exemption." Whether you actually exempt the trailer or not is a decision that you should make with a qualified bankruptcy attorney in your area since this is a complicated issue and the laws did change this past year.

    Good luck.

  3. In NY you can now use the Federal exemptions under 11 USC Section 522 which allows 11,975 per debtor to be applied toward the equity or value of your trailer. So, you need to value the trailer, and make sure that you do not need this exemption for any other property. I strongly suggest you contact a local attorney.

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